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Australian Equities Up as Index Clings to 5400

Australian stocks rose with Japanese index futures after better-than-estimated company earnings and signs of global economic strength fueled U.S. equity gains. The yen held losses while crude oil retreated.

The S&P/ASX 200 Index added 0.5 percent by 10:24 a.m. in Sydney, set for its biggest weekly gain since February. The NZX 50 Index climbed 0.7 percent in Wellington, while Nikkei 225 Stock Average futures were bid 1.5 percent higher in Osaka. Standard & Poor’s 500 Index futures were little changed after the gauge rose for the fifth time in six days. The yen was at 108.16 per dollar after sliding more than 1 percent last session as Treasuries fell. Korean won forwards weakened after growth data. Oil in New York dropped 0.4 percent as copper declined.

Global stocks are poised for their first weekly advance since mid-September following a rout that wiped about $3 trillion off the value of equities over the previous three weeks. Monthly U.S. jobless claims dropping to a 14-year low, coupled with improved euro-area and Chinese factory data and above-estimate earnings from Caterpillar Inc. (CAT) to 3M Co. soothed concern over the global economy. Korea’s economy picked up last quarter, data today showed. Chinese property prices are due.

Bloomberg [1]

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